Business Migration and Overseas Buyers

Cornerstone Business Brokers assist overseas buyers wishing to purchase in Australia. Should you do decide to migrate here for business purposes we can certainly assist you to buy the right business and help you meet the required compliances.

The rules about business migration changed in March 2003 and the requirements for a business skills visa were substantially altered - principally by deleting the requirement for a 'points test' - and replacing it with a two step process.

1. Provisional Visas
2. Business Skills Visas

Business Skills visas are divided into a number of subclasses. In some cases they're provisional and in others you can qualify for permanent residency immediately:

• Business Owner (Provisional): for owners or part-owners of a business;
• Senior Executive (Provisional): for senior executive employees of major businesses; and
• Investor (Provisional): for investors/business people willing to invest in Australia.
• tate/Territory Sponsored Business Owner (Provisional);
• State/Territory Sponsored Senior Executive (Provisional); and
• State/Territory Sponsored Investor (Provisional).

Each of these provisional visas may be sponsored by a state or territory government, in which case lower entry criteria apply.

In addition, there are two categories for persons who are already in Australia on temporary visas, other than the Business Skills (Provisional) visas:

• Established Business in Australia (EBA): for people temporarily in Australia who are owners or part owners of a business; and
• Regional Established Business in Australia (REBA): for people temporarily in Australia who are owners or part owners of a business in a designated area of Australia.

Business Talent (Migrant) Visas

A person who is deemed to be a high-calibre business person, and who has State/Territory government sponsorship, can bi-pass the two-step provisional/residence visa process with a new Business Talent (Migrant) visa. The Business Talent visa will be available to high calibre business migrants who also have State or Territory sponsorship. The Business Talent visa is similar to the current Business Owner visa, but the requirements are more stringent.

When issued, this visa grants a permanent business skills visa immediately, rather forcing applicants to wait until their 2-4 year temporary visa becomes due.

In order to be assessed as a high-calibre business person, applicants must be under 55, be a business owner of an enterprise with an annual turnover of at least A$3,000,000, have net business assets of at least A$400,000 and have A$1.5 million available for transfer to Australia to set up your business.

This new subclass provides a direct path to permanent residence for successful business owners, or part-owners of a business with exceptional business skills who as applicants meet the specific criteria in a manner that benefits the Australian economy.

Sponsorship

State/Territory governments can sponsor applicants for the Business Skills (Provisional) visa category. This allows States and Territories of Australia to influence the number, destination and skill levels of business migrants they seek to attract. Sponsorship from a State or Territory government allows applicants to be assessed against lower level criteria. State and Territory governments have specific criteria for deciding who they will sponsor and the relevant State/Territory business development agencies should be contacted for information in this regard.

For more information we highly recommend the following sites :

Yip Lawyers

Australian Immigration Website